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ISO 27001 and SOC 2: Understanding Key Cybersecurity Standards

IT

Discover the key differences between ISO 27001 and SOC 2 standards to enhance your organization's cybersecurity and select the standard best suited to your needs.

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Sevan Marian


CEO

Managing IT Risk and Cybersecurity Standards

IT risk management is taking on a greater role in companies’ daily operations. Cybersecurity standards are designed to help better manage these risks through recognized frameworks and best practices. While mandatory in certain sectors that handle sensitive data, compliance with cybersecurity standards is strongly recommended for businesses of all sizes wishing to protect themselves from cyberattacks.

Are you wondering which cybersecurity standards are most relevant for your organization? Whether you are a large enterprise, an SME, or a startup, standards like ISO 27001 and SOC 2 can help you better protect your information assets.

Let’s take a closer look at two internationally known cybersecurity standards: ISO 27001 and SOC 2 compliance. What does each standard cover? What are the key differences between ISO 27001 and SOC 2?


What is ISO 27001?

ISO 27001: definition

ISO 27001 is an international standard focused on information security management systems (ISMS). While ISO 27001 certification is voluntary, it is increasingly being required due to the rise of cyber threats and ever more stringent regulatory demands in the area of cybersecurity, making it a standard that cannot be ignored.

The most recent version of ISO 27001 (updated in 2022) sets out criteria for establishing an Information Security Management System (ISMS). Obtaining ISO 27001 certification demonstrates an organization’s ability to:

  • Set up an effective ISMS based on the ISO 27001 framework
  • Properly manage data (ensuring confidentiality, integrity, and availability)

What are the requirements of ISO 27001?

ISO 27001 focuses on organizing your company to ensure information security. Its requirements cover IT infrastructure, organizational structure, security practices, software used, and more.

Certification aims to ensure the organization is able to manage various aspects of information security, including:

  • Governance and strategy
  • Processes for IT security management
  • Methods for risk analysis and reporting
  • Processes for measuring, monitoring, and improving security
  • Assigned responsibilities related to IT security

Who is ISO 27001 certification for?

Any organization concerned about information security (and who isn’t these days?) can pursue ISO 27001 certification, regardless of size or sector. The certification is especially relevant for entities collecting or processing sensitive and/or personal data and wishing to demonstrate the effectiveness of their security controls.

While ISO 27001 certification is voluntary for many organizations, it is mandatory in certain industries. This includes (among others) financial services (including fintechs), healthcare, and cybersecurity. Changing regulations are also increasing requirements for organizations—for example, the European DORA (Digital Operational Resilience Act) regulation, which requires European financial institutions to enhance their digital risk management from January 2025 onwards.

How to obtain ISO 27001 certification

The ISO 27001 certification process consists of several major steps. Each includes a set of actions to establish an information security management system that meets the standard’s requirements.

  1. Plan the ISMS project

    • Analyze context to define security needs
    • Form a dedicated project team; consider consulting a cybersecurity expert
    • Define the scope and objectives for the ISMS
    • Develop an action plan
  2. Develop and implement required controls

    • Specify topics to be covered by your Information Security Policy, based on your action plan
    • Draft a Statement of Applicability (SoA), listing existing and planned security measures with justification
  3. Evaluate the ISMS

    • Define KPIs for operational monitoring and evaluation
    • Conduct internal audits to ensure your ISMS meets your planned objectives
    • Implement internal reviews where necessary
  4. Continuous improvement

    • Engage an independent certification body to conduct an external audit (initial certification)
    • ISO 27001 certification is valid for a maximum of 3 years
    • Annual audits are conducted to verify ongoing compliance and improvement

After 3 years, a recertification audit can be conducted to assess any improvements made since previous audits.

Learn more about ISMS


What is SOC 2 compliance?

SOC 2: definition

The acronym SOC 2 stands for “Systems and Organizations Controls 2.” SOC 2 refers to a set of security and information controls that an organization can choose to comply with, as defined by the American Institute of Certified Public Accountants (AICPA).

SOC 2 is not a certification, but rather an attestation report (or audit report) issued by an independent audit firm. The goal is to assess the effectiveness of a company’s security controls for protecting client data. While there are several types of SOC certifications and reports, SOC 2 Type II—covering a period of at least six months—remains the most sought after.

Who is affected by SOC 2 compliance?

SOC 2 compliance is not mandatory, but some client companies (especially their IT departments) require it from prospective vendors to build trust. A SOC 2 audit report shows that security controls are in place and effective.

For a company, achieving SOC 2 compliance demonstrates sound management of entrusted customer data. It is particularly important for organizations providing cloud hosting services or SaaS solutions and processing/hosting sensitive customer data.

What are the requirements of SOC 2?

SOC 2 is based on five key Trust Service Criteria (TSC) for data management:

  • Security: protecting systems and data from unauthorized access
  • Availability: ensuring systems and data are accessible as needed
  • Processing Integrity: guaranteeing systems function as intended, without error or manipulation
  • Confidentiality: limiting data access to only authorized parties
  • Privacy: complying with privacy regulations and commitments for data processing

Only the Security criterion is always required for a SOC 2 audit; organizations may choose to include the other criteria as needed.

How to achieve SOC 2 compliance

SOC 2 compliance is achieved via a voluntary process, typically split into three main steps:

  1. Draft information security policies and procedures, and conduct a gap analysis
  2. Develop and implement a remediation plan to address identified gaps in controls
  3. Have an independent, AICPA-accredited auditing firm review your controls and processes for data storage, handling, and secure transmission. The resulting SOC 2 report validates your security controls.

Implementing these cybersecurity standards is demanding. However, complying with ISO 27001 or SOC 2 enhances your organization’s security and offers a clear competitive advantage.

But how can you become compliant in practice? In this article, we explain how. Mobile Device Management (MDM) simplifies and centralizes key security measures.

Learn more about MDM

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